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New Member
posted Jun 6, 2019 2:32:49 AM

How to files taxes as a single member LLC?

I am filing for my business for the first time. Single member LLC, filing as single, and I really want to do this right the first time. On Turbo Tax how is this done? I did not pay or employ myself with W2/W4.

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2 Replies
New Member
Jun 6, 2019 2:32:51 AM

If this is a single-member LLC (you are the sole owner), then you will file the information for that LLC on your personal income tax return using Schedule C (Self-employed profit and loss). 

To input your Schedule C LLC activity:

  • Sign in to your account and click on the orange Take me to my return button (skip this step if you are already in your return)
  • Click on Search at the top of the screen
  • Input "schedule c" in the search box and hit enter
  • The first link available should be Jump to schedule c - click on this link
  • TurboTax will walk you through inputting your income, the business information, and expenses

Important:  You do not report the draws you take from your self-employed business as separate income on your tax returns, nor do you deduct these amounts on your Schedule C.  Your self-employment income for tax purposes will be the profits of the business (which may actually be more or less than the amounts you draw as compensation).  

Note:  A single-member LLC may make the election to be taxed as a corporation, which would require filing Form 1120 or 1120-S.  

New Member
Jun 6, 2019 2:32:52 AM

I am in the same situation, except that I am a non-US citizen and do not have a social security number nor have ITIN. Can I still do it under personal income tax or I have to choose another option?